Evening News | Indian Parliament Passes Cryptocurrency Tax Legislation; Binance Prepares to Establish a Board
The 13th round of Gitcoin's donation campaign has officially ended, with a total donation amount exceeding 3 million USD; American singer Madonna announced her ownership of BAYC.Organizer: Zeyi, Chain Catcher
"What important news has emerged in the past 12 hours?"
The Indian Parliament has officially passed a controversial tax proposal today, which will impose a 30% capital gains tax on cryptocurrency transactions starting April 1. Additionally, Indians will have to pay a 1% Tax Deducted at Source (TDS) and taxes on cryptocurrency gifts, with no deductions allowed for losses.
Since the tax was first proposed in February, the Indian crypto industry has opposed the bill and attempted to supplement meetings with legislators through petitions on change.org and online campaigns, but to no avail. Industry participants are now considering challenging the decision in the Supreme Court.
2. Financial Times: Binance prepares to establish a board of directors
According to the Financial Times, Binance is preparing to establish a board of directors, "as we plan to evolve from a disruptive tech company into a global financial institution." (Financial Times)
3. Cricket NFT platform FanCraze completes $100 million Series A funding, led by Insight Partners
The online platform FanCraze (formerly Faze Technologies), which officially licenses digital cricket collectibles, has completed a $100 million Series A funding round led by Insight Partners, with participation from B Capital, Mirae Financial, Tiger Global, Coatue Management, Sequoia Capital India, Courtside Ventures, and CR7.
The funds raised will be used to integrate new sports resources and accelerate the development of its global team, R&D lab, user experience team, game studio, and marketplace, where fans can buy, trade, and create their NFTs. Additionally, FanCraze is establishing the official NFT ecosystem for the International Cricket Council (ICC). (Source link)
4. Evmos plans to restart the mainnet in 1-2 weeks
The Cosmos EVM network Evmos tweeted that it will upgrade the testnet this week and fix release issues, with thorough testing to be conducted in the next 1-2 weeks. If all goes well, the mainnet will launch in 1-2 weeks. However, the project team has not yet determined whether to continue from the current block height or reset all data, and is analyzing data to make an informed decision. (Source link)
5. Gitcoin's 13th round of donations officially ends, with total donations exceeding $3 million
Gitcoin's 13th round of donations officially ended at 8 AM Beijing time on March 25, with data showing that over 16,000 participants donated to more than 1,000 projects, with total donations exceeding $3 million.
Additionally, the closing live event for Gitcoin's 13th round of donations will be held at 1 AM Beijing time on March 26, where Vitalik Buterin and representatives from GitcoinDAO will attend. (Source link)
6. American singer Madonna announces holding BAYC NFT and joining the metaverse
American singer Madonna posted on Instagram that she entered the metaverse by acquiring Bored Ape #4988, a cartoon monkey with stylish fur and an "S&M hat." In the post, she thanked MoonPay, a crypto payment company that has been representing celebrities in purchasing large NFTs since the end of last year.
According to OpenSea's transaction records, MoonPay acquired Madonna's Bored Ape for 180 ETH (approximately $564,000) last week. Two days prior, the company transferred the piece to one of Madonna's wallets. (The Block)
7. Axie Infinity plans to gradually implement community governance and decentralization in three phases
Axie Infinity stated that due to numerous unresolved technical and social governance coordination challenges, handing treasury funds over to community management at this time could harm the project. Accordingly, Axie Infinity released a decentralized governance plan:
The first phase will involve community voting to decide on product development and community-suggested improvements; funding some early experimental projects through an ecological fund; and establishing committees around key themes such as gaming, economic balance, and cultural development. The second phase will commence when Axie Infinity's DAU has a continuous 6-month growth or an average weekly growth rate of 5% over 8 months in 12 months; a powerful governance portal and processes will be established; and at least three external teams, besides Sky Mavis, have developed games on Axie Infinity with DAUs exceeding 100,000.
In the second phase, Sky Mavis will decide on certain key decisions through community governance, manage part of the ecological fund through the community, and propose community treasury proposals.
In the final phase, Axie Infinity will complete the deployment of the ecological fund, open community treasury proposals to the community, and possibly draft the Axie Constitution to achieve decentralization and community governance. (Source link)
"What articles are the editors of Chain Catcher reading?"
1. EigenPhi: How to earn $113 million in profits from stablecoin arbitrage strategies in 4 months?
Since November 14, 2021, an arbitrage strategy between the stablecoins MIM and UST, without the need to develop smart contracts, has yielded $113 million in profits. During these four months up to March 23, 2022, it operated secretly 1,419 times, with an average profit of $80,096 and a transaction cost of $122.5. Overall, the return on the MIM-UST arbitrage strategy was 650 times. This article is the first in-depth report on it.
2. Perspective: Valuing NFTs from the angles of technology, functionality, and hedonic value
There is a popular saying in this circle: "Don't invest in projects you don't understand." Many people remember this saying and then miss out on NFTs. NFTs indeed have many differences from the traditional crypto market, such as lacking liquidity, their fundamentals being aesthetic or meme culture, their roadmaps being bizarre, or they might just be a JPG. The author of this article establishes a basic model for NFTs from the perspectives of technology, functionality, and hedonic value, illustrating that NFTs can also be valued.
With Ethereum, the second-largest cryptocurrency by market capitalization, transitioning to PoS within the next six months, more players will emerge and develop in the PoS wave, creating more investment opportunities. In the future, the staking track, as the foundation of the public chain network ecosystem, is likely to derive richer income methods alongside industry development, beyond the current simple income from proxy staking and the general expectations regarding MEV.
